14 Lease assets and investment property

CHANGES IN LEASE ASSETS AND INVESTMENT PROPERTY IN THE PERIOD JANUARY 1 TO DECEMBER 31, 2016
€ million	Leasing assets	Investment property	Total

Cost Balance at Jan. 1, 2016	45,118	761	45,879
Foreign exchange differences	321	12	333
Changes in consolidated Group	64	66	130
Additions	20,628	33	20,661
Transfers	3	−70	−67
Disposals	14,652	21	14,673
Balance at Dec. 31, 2016	51,483	780	52,262
Depreciation and impairment Balance at Jan. 1, 2016	11,945	257	12,202
Foreign exchange differences	74	2	76
Changes in consolidated Group	15	1	16
Additions to cumulative depreciation	6,743	17	6,760
Additions to cumulative impairment losses	455	0	455
Transfers	0	−4	−4
Disposals	6,097	4	6,101
Reversal of impairment losses	92	–	92
Balance at Dec. 31, 2016	13,044	268	13,312
Carrying amount at Dec. 31, 2016	38,439	512	38,950

The following payments from noncancelable leases and rental agreements were expected to be received over the coming years:

(XLS:)

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€ million	2017	2018 – 2021	from 2022	Total

Lease payments	3,649	4,759	56	8,464

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CHANGES IN LEASE ASSETS AND INVESTMENT PROPERTY IN THE PERIOD JANUARY 1 TO DECEMBER 31, 2017
€ million	Leasing assets	Investment property	Total

Cost Balance at Jan. 1, 2017	51,483	780	52,262
Foreign exchange differences	−3,093	−36	−3,129
Changes in consolidated Group	−873	–	−873
Additions	21,319	18	21,336
Transfers	6	12	18
Disposals	16,616	26	16,641
Balance at Dec. 31, 2017	52,226	748	52,973
Depreciation and impairment Balance at Jan. 1, 2017	13,044	268	13,312
Foreign exchange differences	−803	−5	−808
Changes in consolidated Group	−228	0	−228
Additions to cumulative depreciation	7,327	15	7,343
Additions to cumulative impairment losses	448	3	451
Transfers	0	1	1
Disposals	6,775	4	6,779
Reversal of impairment losses	41	–	41
Balance at Dec. 31, 2017	12,972	279	13,251
Carrying amount at Dec. 31, 2017	39,254	468	39,722

Lease assets include assets leased out under the terms of operating leases and assets covered by long-term buy-back agreements.

Investment property includes apartments rented out and leased dealerships with a fair value of €993 million (previous year: €1,150 million). Fair value is estimated using an investment method based on internal calculations (Level 3 of the fair value hierarchy). Operating expenses of €52 million (previous year: €46 million) were incurred for the maintenance of investment property in use. Expenses of €3 million (previous year: €1 million) were incurred for unused investment property.

The following payments from noncancelable leases and rental agreements are expected to be received over the coming years:

(XLS:)

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€ million	2018	2019 – 2022	from 2023	Total

Lease payments	3,392	4,675	46	8,112

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14 Lease assets and investment property